Press Coverage: A1 Retail - Love is not all around for retailers: 24 million will skip Valentine’s gifting

• 54 percent of UK adults aren’t going to buy gifts this Valentine’s Day
• Under 35s are more than twice as likely to buy cards, gifts and experiences
• Limited spend and a growing focus on experience-based gifts should be cause for concern for retailers

New research from customer experience marketing agency Gekko suggests that Valentine’s Day is no longer the retail bonanza of old, with over half of UK adults (54 percent) not bothering to buy any gifts for their significant others, friends or family members.

Of the 46 percent UK adults that will buy gifts, only 13 percent plan to spend more than £50 on a gift, with consumers most likely to spend up to £20 on a gift (34 percent), so not great news for those big-ticket retailers. In fact, people are likely to spend less on significant others than they would on family and friends, which is perhaps due to the changing relationship dynamics in society.

Young love still drives Valentine’s Day with nearly three in five (58 percent) of those aged between 18 and 35 agreeing that it is important to mark the day with those you love, including friends and family. This age group are more than twice as likely to buy cards, gifts and experiences for loved ones as over 55s (65 percent v 31 percent).

Another trend that was evident in the research is that experiences are becoming far more popular as a Valentine’s Day gift preference, with 37 percent of adults saying they prefer to give experiences over physical gifts. This includes taking a significant other to dinner (27 percent) or gifting an experience like gig tickets and wine tasting (6 percent).

To read the published Research please visit A1 Retail